New Delhi: Fair trade regulator CCI on Wednesday approved European financial services giant AXA's proposal to hike its stake from 26 percent to 49 percent in its two insurance ventures with Sunil Mittal led Bharti Group, Bharti AXA Life Insurance and Bharti AXA General Insurance.

The Competition Commission of India (CCI)said it has approved the proposed transactions.

AXA is the first foreign partner to increase its stake in a domestic insurance company after the government had approved up to 49 percent FDI in the insurance sector in March, compared to 26 percent earlier. More foreign partners are expected come forward and raise stake in the Indian insurance business.

Separately, CCI also approved GE’s acquisition of Alstom’s thermal, power, renewable power and grid businesses. CCI said it has also approved acquisition of signalling business of GE by Alstom.